NBFC Standard Capital Markets to incorporate insurance broking company - Details
According to the information provided, the company has already received the NOC of the Insurance Regulatory and Development Authority of India.
Non-banking financial company Standard Capital Markets Limited has informed exchanges that its board has approved the incorporation of a subsidiary company that will deal with the business related to insurance broking.
According to the exchange filing, the board has proposed to name the subsidiary company 'Standard Insurance Broking Limited' or such other name as may be approved by the Central Registration Centre and/or Ministry of Corporate Affairs.
"The Subsidiary is incorporated to act as a Direct broker under the Insurance Regulatory and Development Authority of India (Insurance Brokers) Regulations,
2018 as amended from time to time," the filing reads.
According to the information provided, the company has already received the NOC of the Insurance Regulatory and Development Authority of India and will also take the Insurance Broking License of the Insurance Regulatory and Development Authority of India after incorporation.
Earlier, Standard Capital Markets stated that its board of directors has approved the incorporation of a wholly-owned subsidiary to carry on the business of merchant banking.
"The wholly owned subsidiary company once incorporated will be a related party of the Standard Capital Markets Limited," the company said in an exchange filing.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
01:16 PM IST